Pando Asset, a Swiss asset manager, has entered the race for a spot Bitcoin exchange-traded fund (ETF) in the United States. The company submitted a Form S-1 to the Securities and Exchange Commission (SEC) for the Pando Asset Spot Bitcoin Trust, which aims to track Bitcoin’s price using Coinbase as its custodian. Pando is the 13th bidder in the race, joining other major players like BlackRock, ARK Invest, and Grayscale. Bloomberg ETF analyst Eric Balchunas raised questions about Pando’s late entry and the implications if it were to be approved alongside other ETFs on January 10. Balchunas and fellow analyst James Seyffart predict that all spot Bitcoin ETFs will be approved on that day. In the meantime, BlackRock met with the SEC to discuss its ETF bid and pitched a revision to its redemption model to address the agency’s concerns. The revision involves an offshore entity getting Bitcoin from Coinbase and pre-paying a US registered broker-dealer in cash. Broker-dealers are not allowed to directly handle Bitcoin.
Summary:
– Pando Asset has submitted a Form S-1 for a spot Bitcoin ETF in the US.
– The company aims to track Bitcoin’s price using Coinbase as its custodian.
– Pando is the 13th bidder in the race for a spot Bitcoin ETF.
– Bloomberg analyst Eric Balchunas raised questions about Pando’s late entry and its potential approval alongside other ETFs on January 10.
– BlackRock met with the SEC to discuss its ETF bid and proposed a revision to its redemption model.
– The revision involves an offshore entity getting Bitcoin from Coinbase and pre-paying a US registered broker-dealer in cash.
